Learn about the Insurance You’ll Need Before Starting a Construction Project

Protect your investment with a design-build firm and the right insurance policies

Life can be unpredictable. As much as you think you have a set routine down pat, you really just never know what may come around the corner to disrupt it. This is why insurance exists. Though it’s something we never anticipate using, we’re certainly glad we have it when we need it.

Most of us wouldn’t drive without car insurance or even leave the house without health insurance, and the same mindset is crucial when planning a construction project. Because you’ll be investing a large amount of money into your building, you will of course want to make sure it is protected. You can do this in several ways. One of them is by hiring a design-build firm.

A design-build firm is made up of all of the professionals who will work on your building. There’s no need to work with multiple companies when you can find designers, architects, contractors, and everyone else under one roof. This comprehensive service gives you the best opportunity to cut costs, save time, and deal with any minor issues before they can become big problems.

Another way to keep your building protected is by obtaining the right insurance policies. As the person who will be footing the bill for the work, these are the two essential ones you’ll need to get:

Builder’s risk

Builder’s risk insurance is used to protect all of the materials and equipment utilized during the course of a construction project. This type of policy commonly covers damage from harsh weather such as lightning, hail, and wind, as well as fire, theft, and vandalism.

Builder’s risk insurance is especially important to have at the beginning of a project because it will provide coverage for its duration. As a structure is created and more materials are used, the value of a building rises, therefore it needs adequate protection.

Wrap-up liability

Everyone who works on a construction project should have insurance coverage specific to his or her job. However, often there are unforeseen gaps. This is where wrap-up liability can be extremely helpful, as it covers the legal liabilities of the owner. The policy offers uniform coverage for everyone working on the project and stays in effect for the entire build.

If there is a claim, wrap-up liability will help make the process simpler because there’s only one insurance carrier. In addition, the coverage can be customized to the specific needs of the project and all of the people involved.

Depending on your project, you may also need other types of insurance to meet specific needs or aspects of the build. To find out, just get in touch with Telesco Construction. Our goal is to streamline the building process, and we’ve worked on an assortment of condos, hotels, clubs, and other buildings, completing each quickly and efficiently while ensuring complete transparency with costs, timelines, and any potential risk factors.

Contact us at 305.390.0250 or through our online form with any insurance questions or to get started on your next build.